AP IMPACT: The world braces for retirement crisis (want to retire ever?)

[Omaha Steve]

http://apnews.excite.com/article/20131229/DAB02NB00.html

Dec 29, 9:03 AM (ET)

By PAUL WISEMAN, DAVID MCHUGH and ELAINE KURTENBACH

WASHINGTON (AP) - A global retirement crisis is bearing down on workers of all ages.

Spawned years before the Great Recession and the financial meltdown in 2008, the crisis was significantly worsened by those twin traumas. It will play out for decades, and its consequences will be far-reaching.


In this Monday, Dec. 23, 2013 photo, Leslie Lynch poses for a photograph in her home in Glastonbury, Conn. Lynch, who lost her job last year, is moving out of her home of 21 years because she can no longer afford the mortgage payments. (AP Photo/Jessica Hill)



Many people will be forced to work well past the traditional retirement age of 65 - to 70 or even longer. Living standards will fall, and poverty rates will rise for the elderly in wealthy countries that built safety nets for seniors after World War II. In developing countries, people's rising expectations will be frustrated if governments can't afford retirement systems to replace the tradition of children caring for aging parents.

The problems are emerging as the generation born after World War II moves into retirement.

FULL story at link.

[jsr]

1. Excellent series.

[FreakinDJ]

2. Wall St finalizing the Rape of ther Working Class

[newthinking]

3. What bullshit. It's all about social *priorities*. We are becoming morally bankrupt

The current approach and propaganda has more in common with the concept of "soylent green" than we admit.

[antigop]

4. omg, where to begin? There are so many things wrong with this article

Wages have not kept up.

Unions have declined.

People's retirement was STOLEN from them by greedy executives.

Wall Street sold governments crappy invesments.

Fees on 401(k)s are exorbitant.

Older people are discriminated against.

But, yeah, let's just blame the workers for not saving enough.

Bullpucky.

[blkmusclmachine]

5. Thx for posting this propaganda/hit piece. The 1% intend to see we never retire, but live in poverty

for our whole lives.

[4dsc]

6. Peak oil has a weird way of showing up when you least expect it

Most of this has been predicted as a result of peak oil. Peak oil being the end of the era of cheap oil and thus a plethora of problem, mostly economic, will arise.

We need to change the way we think about sustaining our future and looking our for the majority and not the top 1%.